European Union (EU) leaders reiterated on Friday that the banking sector is “resilient, with strong capital and liquidity positions”, on a day when several European banks are in a sharp fall in the stock market.
In a communiqué released at the end of the eurozone summit – which took place in an expanded regime – on the second day of the European Council, European leaders assured that the resilience of the EU banking system was “significantly strengthened” by the banking union.
“Our banking system is resilient, with strong capital and liquidity positions,” emphasizes the statement, in which the heads of state and government recommit to “completing the banking union”.
In the communiqué, the euro summit also emphasizes that the EU’s economies have “entered 2023 in a healthier way than previously expected, despite high inflation and energy prices”.
EU leaders are still determined to coordinate their economic policies “with a view to strengthening the resilience of economies”.
The words of the top stand in stark contrast to the fall that several banks – including Germany’s Deutsche Bank and Commerzbank – have put on the stock market, amid recent turbulence in the industry and uncertainty over interest rate evolution.
The banking union aims to ensure that the banking sector in the euro area and the EU in general is stable, safe and reliable, thereby contributing to financial stability.
At the Euro Summit, Portugal was represented by the Prime Minister, António Costa, and the President of the Eurogroup, Paschal Donohoe, and the President of the European Central Bank, Christine Lagarde, were present as guests.
Source: DN
